MIDLOTHIAN, Va., March 29, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (Nasdaq:BVA) announced today that it has completed its share exchange with Bank of Virginia (the "Bank") resulting in the Bank becoming a wholly owned subsidiary of Cordia Bancorp. Under the terms of the Agreement and Plan of Share Exchange between Cordia Bancorp and the Bank, each outstanding share of Bank common stock owned by persons other than Cordia Bancorp have been exchanged for 0.664 of a share of Cordia Bancorp common stock. Shares of Cordia Bancorp are listed on The Nasdaq Stock Market on under the symbol "BVA". As a result of the reorganization, Cordia has approximately 2,778,900 shares of common stock outstanding. Shareholders of the Bank will receive information shortly on how to exchange their shares of Bank common stock for shares of Cordia Bancorp common stock.
About Cordia Bancorp and Bank of Virginia
Cordia Bancorp is a private bank holding company founded in 2009 to bring new leadership and financial strength to undervalued community banks. Substantially all of the assets of Cordia consist of its investment in Bank of Virginia. Bank of Virginia, a state chartered bank headquartered in Midlothian, Virginia, currently operates four full-service offices in the counties of Chesterfield and Henrico, Virginia. Additional investor relations information can be found on the internet at www.bankofva.com. Bank of Virginia is a member of the FDIC and Equal Housing Lender.
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-K as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.
Jack Zoeller, Chairman & CEO, Bank of Virginia President & CEO, Cordia Bancorp 804-763-1333